New Mexico Educational Retirement Board cut its stake in Marathon Petroleum Corp (NYSE:MPC) by 4.2% in the 2nd quarter, Holdings Channel.com reports. The fund owned 55,229 shares of the oil and gas company’s stock after selling 2,400 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Marathon Petroleum were worth $3,086,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in MPC. Dimensional Fund Advisors LP raised its holdings in Marathon Petroleum by 70.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 10,065,459 shares of the oil and gas company’s stock valued at $593,940,000 after acquiring an additional 4,153,879 shares in the last quarter. Thoroughbred Financial Services LLC raised its holdings in Marathon Petroleum by 5,858.7% in the 2nd quarter. Thoroughbred Financial Services LLC now owns 974,491 shares of the oil and gas company’s stock valued at $97,449,000 after acquiring an additional 958,137 shares in the last quarter. Ceredex Value Advisors LLC raised its holdings in Marathon Petroleum by 34.3% in the 1st quarter. Ceredex Value Advisors LLC now owns 3,466,868 shares of the oil and gas company’s stock valued at $207,492,000 after acquiring an additional 886,212 shares in the last quarter. Geode Capital Management LLC raised its holdings in Marathon Petroleum by 8.3% in the 4th quarter. Geode Capital Management LLC now owns 8,732,890 shares of the oil and gas company’s stock valued at $514,399,000 after acquiring an additional 671,836 shares in the last quarter. Finally, BlackRock Inc. raised its holdings in Marathon Petroleum by 1.0% in the 1st quarter. BlackRock Inc. now owns 55,146,715 shares of the oil and gas company’s stock valued at $3,300,532,000 after acquiring an additional 565,583 shares in the last quarter. 77.55% of the stock is owned by hedge funds and other institutional investors.
In other Marathon Petroleum news, Director James E. Rohr purchased 12,500 shares of the stock in a transaction dated Tuesday, June 11th. The stock was bought at an average price of $48.14 per share, with a total value of $601,750.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 1.06% of the stock is currently owned by insiders.
Marathon Petroleum (NYSE:MPC) last posted its quarterly earnings results on Thursday, August 1st. The oil and gas company reported $1.73 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.40. Marathon Petroleum had a return on equity of 9.55% and a net margin of 2.36%. The company had revenue of $33.70 billion during the quarter, compared to analysts’ expectations of $33.26 billion. During the same quarter in the previous year, the firm earned $2.27 EPS. Marathon Petroleum’s revenue was up 50.1% on a year-over-year basis. As a group, equities research analysts predict that Marathon Petroleum Corp will post 4.4 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Wednesday, August 21st will be issued a dividend of $0.53 per share. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.51%. Marathon Petroleum’s dividend payout ratio (DPR) is currently 31.27%.
Several brokerages have weighed in on MPC. Morgan Stanley dropped their price objective on Marathon Petroleum from $82.00 to $75.00 and set an “overweight” rating for the company in a report on Friday, May 17th. ValuEngine raised Marathon Petroleum from a “strong sell” rating to a “sell” rating in a report on Wednesday, May 22nd. Credit Suisse Group dropped their price objective on Marathon Petroleum from $95.00 to $80.00 and set an “outperform” rating for the company in a report on Monday, May 13th. Raymond James lifted their price objective on Marathon Petroleum from $72.00 to $75.00 and gave the company a “strong-buy” rating in a report on Friday, August 2nd. Finally, Cowen cut Marathon Petroleum from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $90.00 to $65.00 in a report on Friday, May 10th. Two analysts have rated the stock with a sell rating, two have given a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $82.62.
Marathon Petroleum Profile
Marathon Petroleum Corp. is an independent petroleum product refiners, marketers and transporters in the United States. The company operates through the following segments: Refining & Marketing; Retail; and Midstream. The Refining & Marketing segment refines crude oil and other feedstocks at its refineries in the Gulf Coast and Midwest regions of the United States, purchases ethanol and refined products for resale and distributes refined products through various means, including barges, terminals and trucks that the company owns or operates.
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